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Cushman & Wakefield Ltd Financials

CWK
FY2025 annual
Revenue $10.3B +8.9% YoY
Net Income $88.2M -32.8% YoY
EPS (Diluted) $0.38 -32.1% YoY
Free Cash Flow $293.0M +75.4% YoY
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Cushman & Wakefield Ltd (CWK) reported $10.3B in revenue for fiscal year 2025, up 8.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CWK FY2025

Cash conversion rather than richer unit economics is driving a deleveraging recovery at Cushman & Wakefield.

From FY2023 to FY2025, operating cash flow rose from $152.2M to $340.4M while annual capex stayed near $50M. That let a modest operating rebound turn into balance-sheet repair, with debt-to-equity improving to 1.3x in FY2025 even though net margin was only 0.9%.

Gross margin stayed flat at 18.3% between FY2024 and FY2025. Yet operating margin still climbed from 2.2% in FY2023 to 4.4% in FY2025, so the recovery is showing up below the gross-profit line through cost discipline and better fixed-cost absorption rather than through structurally richer revenue.

Near-term liquidity looks functional rather than roomy, with a current ratio of 1.1x in FY2025. Separately, goodwill at $2.1B slightly exceeded total equity of $2.0B, meaning reported book capital depends heavily on acquisition-created assets rather than tangible backing.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 40 / 100
Financial Health Score 40/100
Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Cushman & Wakefield Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin
14
FFO Growth
83
Leverage
68
Interest Cov.
54
AFFO Margin
20
Dividend Cov.
0

Not available for Cushman & Wakefield Ltd, and counted as zero in the overall score.

Altman Z-Score Distress
1.76

Cushman & Wakefield Ltd scores 1.76, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral
5/9

Cushman & Wakefield Ltd passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
3.86x

For every $1 of reported earnings, Cushman & Wakefield Ltd generates $3.86 in operating cash flow ($340.4M OCF vs $88.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate
2.09x

Cushman & Wakefield Ltd earns $2.09 in operating income for every $1 of interest expense ($452.5M vs $216.2M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue
$10.3B
YoY+8.9%
5Y CAGR+5.6%

Cushman & Wakefield Ltd generated $10.3B in revenue in fiscal year 2025. This represents an increase of 8.9% from the prior year.

EBITDA
$556.7M
YoY+20.7%
5Y CAGR+21.5%

Cushman & Wakefield Ltd's EBITDA was $556.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.7% from the prior year.

Net Income
$88.2M
YoY-32.8%

Cushman & Wakefield Ltd reported $88.2M in net income in fiscal year 2025. This represents a decrease of 32.8% from the prior year.

EPS (Diluted)
$0.38
YoY-32.1%

Cushman & Wakefield Ltd earned $0.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 32.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$293.0M
YoY+75.4%

Cushman & Wakefield Ltd generated $293.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 75.4% from the prior year.

Cash & Debt
$784.2M
YoY-1.1%
5Y CAGR-6.1%

Cushman & Wakefield Ltd held $784.2M in cash against $2.6B in long-term debt as of fiscal year 2025.

Shares Outstanding
232M
YoY+0.9%
5Y CAGR+0.9%

Cushman & Wakefield Ltd had 232M shares outstanding in fiscal year 2025. This represents an increase of 0.9% from the prior year.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
18.3%
YoY0.0pp
5Y CAGR+0.6pp

Cushman & Wakefield Ltd's gross margin was 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. That is unchanged from the prior year.

Operating Margin
4.4%
YoY+0.8pp
5Y CAGR+5.1pp

Cushman & Wakefield Ltd's operating margin was 4.4% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.

Net Margin
0.9%
YoY-0.5pp
5Y CAGR+3.7pp

Cushman & Wakefield Ltd's net profit margin was 0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.

Return on Equity
4.5%
YoY-3.0pp
5Y CAGR+24.6pp

Cushman & Wakefield Ltd's ROE was 4.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.0 percentage points from the prior year.

Capital Allocation

Capital Expenditures
$47.4M
YoY+15.6%
5Y CAGR+2.9%

Cushman & Wakefield Ltd invested $47.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 15.6% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

CWK Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CWK annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16
Revenue$10.8B$10.3B+8.9%$9.4B-0.5%$9.5B-6.1%$10.1B+7.6%$9.4B+19.7%$7.8B-10.4%$8.8B+6.5%$8.2B+18.7%$6.9B+11.4%$6.2B
Cost of Revenue$8.9B$8.4B+8.9%$7.7B-1.5%$7.8B-3.8%$8.2B+9.5%$7.4B+15.4%$6.5B-7.5%$7.0B+5.1%$6.6B+17.8%$5.6BN/A
Gross Profit$2.0B$1.9B+8.9%$1.7B+4.5%$1.7B-15.4%$2.0B+0.6%$1.9B+39.8%$1.4B-21.5%$1.8B+12.2%$1.6B+22.8%$1.3BN/A
SG&A Expenses$1.4B$1.3B+7.6%$1.2B-3.1%$1.3B+0.1%$1.3B+2.8%$1.2B+9.4%$1.1B-12.3%$1.3B+0.3%$1.3B+10.1%$1.2B+0.5%$1.2B
Operating Income$477.3M$452.5M+33.5%$338.9M+64.8%$205.6M-61.6%$535.1M+7.7%$497.0M+1036.0%-$53.1M-128.4%$187.3M+1386.5%$12.6M+107.4%-$171.1M+42.1%-$295.4M
Interest Expense$219.5M$216.2M-6.0%$229.9M-18.2%$281.1M+45.6%$193.1M+7.6%$179.5M+9.6%$163.8M+8.8%$150.6M-34.2%$228.8M+25.0%$183.1M+6.6%$171.8M
Income Tax$31.6M$26.0M-41.6%$44.5M+724.1%$5.4M-96.2%$141.6M+57.5%$89.9M+104.8%$43.9M+3.1%$42.6M+270.4%-$25.0M+79.3%-$120.5M-395.9%-$24.3M
Net Income$69.1M$88.2M-32.8%$131.3M+470.9%-$35.4M-118.0%$196.4M-21.4%$250.0M+213.4%-$220.5M-110350.0%$200K+100.1%-$185.8M+16.0%-$221.3M+49.0%-$434.2M
EPS (Diluted)$0.38-32.1%$0.56+450.0%-$0.16-118.6%$0.86-21.8%$1.10+210.0%-$1.00$0.00+100.0%-$1.09+29.2%-$1.54N/A

Not reported in any period shown, so not listed: R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

CWK Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CWK annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16
Total Assets$7.7B+1.7%$7.5B-2.9%$7.8B-2.2%$7.9B+0.7%$7.9B+7.5%$7.3B+2.4%$7.2B+9.4%$6.5B+13.0%$5.8BN/A
Current Assets$2.8B+5.7%$2.7B-4.0%$2.8B+1.3%$2.8B-2.2%$2.8B-2.1%$2.9B+1.0%$2.9B+4.3%$2.7B+43.6%$1.9BN/A
Cash & Equivalents$784.2M-1.1%$793.3M+3.3%$767.7M+19.1%$644.5M-16.4%$770.7M-28.3%$1.1B+32.2%$813.2M-9.2%$895.3M+120.7%$405.6M+6.1%$382.3M
Goodwill$2.1B+3.0%$2.0B-4.0%$2.1B+0.7%$2.1B-0.8%$2.1B-0.8%$2.1B+6.5%$2.0B+10.7%$1.8B+0.7%$1.8B+9.7%$1.6B
Total Liabilities$5.7B-1.3%$5.8B-5.0%$6.1B-3.0%$6.3B-2.4%$6.4B+3.2%$6.2B+6.5%$5.9B+13.0%$5.2B-2.0%$5.3BN/A
Current Liabilities$2.6B+11.2%$2.3B-2.8%$2.4B+0.3%$2.4B-1.8%$2.4B+17.9%$2.1B-11.1%$2.3B+13.9%$2.0B+3.7%$2.0BN/A
Long-Term Debt$2.6B-10.7%$2.9B-5.1%$3.1B-3.6%$3.2B-0.3%$3.2B-0.5%$3.2B+23.5%$2.6B-0.9%$2.6B-5.0%$2.8BN/A
Total Equity$2.0B+11.4%$1.8B+4.6%$1.7B+1.0%$1.7B+14.7%$1.4B+32.3%$1.1B-15.9%$1.3B-4.3%$1.4B+172.3%$499.4M-14.7%$585.5M
Retained Earnings-$897.7M+8.9%-$985.9M+11.8%-$1.1B-3.3%-$1.1B+15.4%-$1.3B+16.4%-$1.5B-17.8%-$1.3B+0.1%-$1.3B-13.1%-$1.1BN/A

Not reported in any period shown, so not listed: Inventory, Accounts Receivable.

CWK Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

CWK annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16
Operating Cash Flow$303.3M$340.4M+63.7%$208.0M+36.7%$152.2M+210.0%$49.1M-91.1%$549.5M+1538.5%-$38.2M-114.2%$269.3M+12340.9%-$2.2M-150.0%$4.4M+101.3%-$335.1M
Capital Expenditures$54.2M$47.4M+15.6%$41.0M-19.6%$51.0M+0.6%$50.7M-5.8%$53.8M+31.2%$41.0M-48.9%$80.3M-4.6%$84.2M-34.8%$129.1M+67.0%$77.3M
Free Cash Flow$249.1M$293.0M+75.4%$167.0M+65.0%$101.2M+6425.0%-$1.6M-100.3%$495.7M+725.9%-$79.2M-141.9%$189.0M+318.8%-$86.4M+30.7%-$124.7M+69.8%-$412.4M
Investing Cash Flow$6.0M-$21.1M-126.0%$81.2M+66.1%$48.9M+140.5%-$120.7M+83.9%-$749.5M-190.7%-$257.8M+6.2%-$274.9M-26.1%-$218.0M-52.2%-$143.2M-4.0%-$137.7M
Financing Cash Flow-$417.1M-$350.5M-38.3%-$253.4M-109.8%-$120.8M-52.3%-$79.3M-20.5%-$65.8M-111.5%$571.9M+738.3%-$89.6M-112.3%$725.9M+332.9%$167.7M-53.0%$356.5M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

CWK Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

CWK annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16
Gross Margin18.3%0.0pp18.3%+0.9pp17.4%-1.9pp19.3%-1.3pp20.7%+3.0pp17.7%-2.5pp20.2%+1.0pp19.2%+0.6pp18.6%N/A
Operating Margin4.4%+0.8pp3.6%+1.4pp2.2%-3.1pp5.3%0.0pp5.3%+6.0pp-0.7%-2.8pp2.1%+2.0pp0.1%+2.6pp-2.5%+2.3pp-4.8%
Net Margin0.9%-0.5pp1.4%+1.8pp-0.4%-2.3pp1.9%-0.7pp2.7%+5.5pp-2.8%-2.8pp0.0%+2.3pp-2.3%+0.9pp-3.2%+3.8pp-7.0%
Return on Equity4.5%-3.0pp7.5%+9.6pp-2.1%-13.9pp11.8%-5.4pp17.3%+37.4pp-20.1%-20.2pp0.0%+13.7pp-13.7%+30.6pp-44.3%+29.9pp-74.2%
Return on Assets1.1%-0.6pp1.7%+2.2pp-0.5%-2.9pp2.5%-0.7pp3.2%+6.2pp-3.0%-3.0pp0.0%+2.8pp-2.8%+1.0pp-3.8%N/A
Current Ratio1.10-0.1x1.150.0x1.170.0x1.160.0x1.16-0.2x1.40+0.2x1.23-0.1x1.35+0.4x0.97N/A
Debt-to-Equity1.34-0.3x1.68-0.2x1.85-0.1x1.93-0.3x2.22-0.7x2.96+0.9x2.01+0.1x1.94-3.6x5.57N/A
FCF Margin2.9%+1.1pp1.8%+0.7pp1.1%+1.1pp0.0%-5.3pp5.3%+6.3pp-1.0%-3.2pp2.2%+3.2pp-1.1%+0.7pp-1.8%+4.8pp-6.6%

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Frequently Asked Questions

What is Cushman & Wakefield Ltd's annual revenue?

Cushman & Wakefield Ltd (CWK) reported $10.3B in total revenue for fiscal year 2025. This represents a 8.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Cushman & Wakefield Ltd's revenue growing?

Cushman & Wakefield Ltd (CWK) revenue grew by 8.9% year-over-year, from $9.4B to $10.3B in fiscal year 2025.

Is Cushman & Wakefield Ltd profitable?

Yes, Cushman & Wakefield Ltd (CWK) reported a net income of $88.2M in fiscal year 2025, with a net profit margin of 0.9%.

Cushman & Wakefield Ltd (CWK) reported diluted earnings per share of $0.38 for fiscal year 2025. This represents a -32.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Cushman & Wakefield Ltd (CWK) had EBITDA of $556.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Cushman & Wakefield Ltd (CWK) had $784.2M in cash and equivalents against $2.6B in long-term debt.

Cushman & Wakefield Ltd (CWK) had a gross margin of 18.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Cushman & Wakefield Ltd (CWK) had an operating margin of 4.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Cushman & Wakefield Ltd (CWK) had a net profit margin of 0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Cushman & Wakefield Ltd (CWK) has a return on equity of 4.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Cushman & Wakefield Ltd (CWK) generated $293.0M in free cash flow during fiscal year 2025. This represents a 75.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Cushman & Wakefield Ltd (CWK) generated $340.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Cushman & Wakefield Ltd (CWK) had $7.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Cushman & Wakefield Ltd (CWK) invested $47.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Cushman & Wakefield Ltd (CWK) had 232M shares outstanding as of fiscal year 2025.

Cushman & Wakefield Ltd (CWK) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.

Cushman & Wakefield Ltd (CWK) had a debt-to-equity ratio of 1.34 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Cushman & Wakefield Ltd (CWK) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Cushman & Wakefield Ltd (CWK) has an Altman Z-Score of 1.76, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Cushman & Wakefield Ltd (CWK) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Cushman & Wakefield Ltd (CWK) has an earnings quality ratio of 3.86x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Cushman & Wakefield Ltd (CWK) has an interest coverage ratio of 2.09x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Cushman & Wakefield Ltd (CWK) scores 40 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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